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News release

​LAS VEGAS, NV

Prime Location Drives Sale of Las Vegas Multifamily Asset

JLL closes $50.5 million sale of Broadstone Solis


​LAS VEGAS, June 18, 2015 – A home base near the market’s top economic drivers led investors to pursue Broadstone Solis, a multifamily property located in Las Vegas. On behalf of Alliance Residential Company, JLL’s Capital Markets experts today announced the $50.5 million sale of the 524-unit asset to TruAmerica Multifamily.
 
Executive Vice President John Cunningham and Vice President Charles Steele led the JLL team on the transaction.
 
“Economic conditions in Las Vegas continue to improve dramatically, and institutional investors are taking notice,” said Steele.  “Due to its outstanding infill location, Broadstone Solis is poised to capitalize on the expansion of the local economy with strong future rent growth.”
 
Broadstone Solis is located at 3275 East Flamingo Road and was constructed in two phases in 1988 and 1992. The property totals 433,800 square feet and features 248 one-bedroom units and 276 two-bedroom units. Community amenities include three resort-style swimming pools and spas, poolside cabanas, barbeque and picnic areas, basketball courts, a fitness center and a resident clubhouse.
 
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
 
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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
 
About TruAmerica Multifamily
TruAmerica Multifamily is a vertically integrated value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country’s most active multifamily investors and manages a $3.6 billion portfolio of more than 18,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada and Utah. For more information on TruAmerica Multifamily, visit www.truamerica.com or call (424) 325-2750.